11 Aug 2011director interest notice● Neutral
GMX RESOURCES INC director Thomas G Casso bought 10,000 shares on the open market at $3.36.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
9 Aug 2011quarterly activities report▼ Bad
GMX RESOURCES INC reported a quarterly net loss of $67.1 million for the period ended 2011-09-30.
4 Aug 2011material agreement▼ BadMajor
GMX signed a Third Amendment to its Capital One-led bank loan on Aug 2, 2011: the required EBITDA-to-interest ratio drops to above 2.00 (from 2.50) for July 1-Dec 31, 2011, returning to 2.50 from Jan 1, 2012. While the ratio is below 2.50, borrowing margins rise 1.5% and the unused-facility fee rises 0.5% to 1.0% a year; GMX paid a fee of 1% of the borrowing base. The same filing furnished Q2 2011 results: record 6.5 Bcfe production (up 51% from Q2 2010), Haynesville/Bossier drilling temporarily suspended due to low gas prices, 2011 production guidance cut to 23.8-24.2 Bcfe, and remaining 2011 drilling capital focused on oil in the Bakken, Niobrara and East Texas. The covenant relief continues the thread on covenant headroom under the February 2011 loan; the amendment and release suggest (inference) that the original covenant was at risk.
4 Aug 2011director interest notice● Neutral
GMX RESOURCES INC Vice President - Finance Harry C Jr. Stahel received 44,702 shares as part of the equity award.
2 Aug 2011securities registration● Neutral
GMX RESOURCES INC amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
6 July 2011director interest notice● Neutral
GMX RESOURCES INC Executive V.P. - Geosciences Benton Timothy L had 2,208 shares withheld for taxes on vesting stock.
27 June 2011securities registration● Neutral
GMX RESOURCES INC registered a securities offering with the SEC using its shelf eligibility.
9 June 2011director interest notice● Neutral
GMX RESOURCES INC President Rohleder Michael J bought 10,000 shares on the open market.
3 June 2011director interest notice● Neutral
GMX RESOURCES INC Executive Vice President-Land Gary D Jackson had 3,994 shares withheld for taxes on vesting stock.
3 June 2011director interest notice● Neutral
GMX RESOURCES INC President Rohleder Michael J had 3,994 shares withheld for taxes on vesting stock.
2 June 2011director interest notice● Neutral
GMX RESOURCES INC Executive V.P. - Geosciences Benton Timothy L had 2,421 shares withheld for taxes on vesting stock.
27 May 2011agm notice● Neutral
GMX RESOURCES INC shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
17 May 2011director interest notice● Neutral
GMX RESOURCES INC director Thomas G Casso bought 3,500 shares on the open market at $4.68.
13 May 2011director interest notice● Neutral
GMX RESOURCES INC director Mchugh Jon W bought 5,000 shares on the open market at $4.90.
10 May 2011quarterly activities report▼ Bad
GMX RESOURCES INC reported a quarterly net loss of $13.5 million for the period ended 2011-06-30.
10 May 2011quarterly activities report▼ Bad
GMX RESOURCES INC reported a quarterly net loss of $13.5 million for the period ended 2011-06-30.
4 May 2011capital raising announcement● NeutralMajor
On Apr 28, 2011 GMX closed the Arkoma Bakken/Long Properties/Reynolds deal, buying 87.5% of the sellers' working interest in about 7,613 undeveloped acres in McKenzie and Dunn Counties, North Dakota (6,661 net acres), and issued 3,542,091 shares to the sellers as partial payment. The sellers cannot sell the shares for six months and GMX agreed to register them for resale. This completes another of the pending Bakken acquisitions and adds to dilution; the filing does not state the cash paid.
22 Apr 2011agm notice● Neutral
GMX RESOURCES INC shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
11 Apr 2011director interest notice● Neutral
Lucke J David became a GMX RESOURCES INC director and company insider (initial ownership filing).
11 Apr 2011director interest notice● Neutral
GMX RESOURCES INC director Lucke J David received 8,052 shares as part of the equity award.
28 Mar 2011securities registration● Neutral
GMX RESOURCES INC registered a securities offering with the SEC using its shelf eligibility.
24 Mar 2011material agreement● Neutral
On Mar 14, 2011 GMX signed a Second Amendment (effective Mar 1, 2011) to its Fifth Amended and Restated Loan Agreement. It extends the period for selling Series B preferred stock through its at-the-market program, raises the maximum liquidation preference of those sales to $62M, and lets GMX use the proceeds for general corporate and working capital purposes. Earlier the loan allowed Series B up to $150M liquidation preference in total; the filing does not say how the $62M relates to that.
9 Mar 2011substantial holder notice● Neutral
BlackRock, Inc reported a GMX RESOURCES INC shareholding of 2,588,950 shares (4.94% of votes) in a periodic institutional filing.
8 Mar 2011director interest notice● Neutral
GMX RESOURCES INC CFO, Secretary and Treasurer Merrill James A bought 11,500 shares on the open market.
7 Mar 2011director interest notice● Neutral
GMX RESOURCES INC director Thomas G Casso bought 6,500 shares on the open market at $5.60.
2 Mar 2011capital raising announcement● NeutralMajor
On Feb 28, 2011 GMX closed the Retamco Bakken/Sanish-Three Forks acreage purchase in Montana and North Dakota, issuing 2,268,971 shares to Retamco (below the up-to 2,669,513 shares first announced; the filing does not explain why) and agreeing to register them for resale. Separately, underwriters exercised their over-allotment option for 1,098,518 more shares from the Feb offering, bringing about $4.9M of additional net proceeds, expected to close March 2, 2011. Both add to the share count. This completes the first of the Bakken/Niobrara acquisitions.
14 Feb 2011substantial holder notice● Neutral
Kennedy Capital Management, Inc. Tax ID disclosed a new substantial GMX RESOURCES INC shareholding (7.50% of votes).
14 Feb 2011substantial holder notice● Neutral
Vaughan Nelson Investment Management, L.P, Vaughan Nelson Investment Management, Inc reported no remaining GMX RESOURCES INC shareholding in its periodic institutional filing.
9 Feb 2011debt financing● NeutralMajor
On Feb 9, 2011 GMX closed the $200M 11.375% senior notes due Feb 15, 2019, with net proceeds of about $187.1M, interest payable each Feb 15 and Aug 15 from Aug 15, 2011, and guarantees from two subsidiaries. The company says the stock and notes offerings have both completed and so satisfy the financing condition for its tender offer for up to $50M of the 5.00% 2013 convertibles, of which $122.75M is outstanding; the offer pays par plus accrued interest and expires Feb 28, 2011 unless extended. This resolves the open question of whether the offerings would close, though the filing does not state that the Fifth A&R loan conditions are met.
8 Feb 2011material agreement● NeutralMajor
On Feb 4, 2011 GMX agreed with Morgan Stanley and Credit Suisse to sell 21,075,000 new common shares at $4.75 per share to the company, with an option for up to 3,161,250 more within 30 days. This is the equity half of the financing the new bank loan required (at least $75M), and it materially dilutes existing shareholders. Proceeds go to the same uses as the notes: the 2013 convertible tender offer, repaying the revolver, the cash part of about $68.3M of pending lease purchases, and drilling.